Analisis Penggunaan Modal Pinjaman: Kredit Investasi Kecil Kasus Perusahaan Tegel di Ujung Pandang
Ariati ( Adv: Dr. Soedijono, MBA ), Dr.Soedijono,MBA
1984 | Tesis | S2 Economics-
It has been often found on writings and comments of several critics that some customers have been unable to fullfill their financial duties on the loan borrowed(KIK), while the objectives of that credit channeling •is to help businessman to develop their business.
This paper is aimed at studying that problem by connecting it to the use of KIK as the increased capacity of firms (fixed asset) and their relationship to operating. cost, selling, and working capital., The increased fixed asset will soon led tm the increased costs of operation by the increasing in fixed costs caused by increased fixed assets, which in turn giving rise to a higher 'break even' volume. This increased 'break even' volume necessicates firms to expand their marketing operation. Marketing expansion will be limited by current asset. Furthermore, if rate of liquidity will be defended, amount of current asset which can be achieved by firms is limited by net working capital owned by the firms. This limited net working capital owned by firms, especially after using KIK, will tend to inhibit the firm either merely to maintain the extend to selling--while operation cost increases or to fullfill their financial duties as to the use of borrowed capital, especially that of KIK. Findings revealed that there was a significantly in fluence of working capital - fixed asset ratio and rotation rate of net working capital on operating ratio. As regression equation shm1red that a increasing in net, working capital - fixed asset (after using KIK) will lower operating ratio based on assumption that demand / market has enough capability of absorbing the increased production. Similarly, if rotation rate of working capital decreases, operating ratio will increase. Findings also demonstrated that all business samples increased their working capital after having KIK, of which 80 % was found from long term loan. Of those that increased their working capital 50 % were facing decreased rotation rate while operating ratio increased. Based on above descripsion KIK channeling should also pay attention to the fullfilment of working capital in order the increased capacity could be followed by an increasing in selling volume thereby operating ratio would lower operating ratio. The increased operating ratio means that marginal profit will tend to increase. Such a condition will increase business' financial capability especially facing their financial duties. A decreased rotation rate will weaken business capability to make profit. A weaken capability to make profit -- while burden of financial increases -- will lead to a lower capability to bear financial duties. This decreased working capital rotation will mean that there is a waste of working capital.
Kata Kunci : modal pinjaman, kredit investasi kecil
